And now, the Institute of Chartered Accountants in England and Wales has issued a further call for “smart investment” with priority given to infrastructure projects that can drive growth and provide a positive return to taxpayers.

In a letter to the Treasury last week, the accountants said that when Hammond takes to the Despatch Box on 23 November, he should provide proposals to “sweat” existing assets to generate a better result for the Exchequer, and push ahead with efforts to modernise tax collection.

“Growing the top line for Government revenue is no longer a nice to do but a necessity. Revenue maximisation, through targeted investment and streamlining our tax system is an essential goal if we are to deliver the investment and infrastructure that is needed for a country that works for everyone,” ICAEW chief executive Michael Izza wrote.